Russian President Vladimir Putin criticized monopoly in global financial payment systems and called for an independent and blockchain-based settlement network on Nov 24, speaking at the International AI Journey Conference in Moscow. During the event organized by Sberbank, the largest Russian bank and a major lender to the government, he stated: "The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries. I am confident that something like this …

The Central Bank of Russia (CBR) is looking at ways to integrate crypto assets and blockchain technology into its local financial system amid a pile-on of global financial sanctions. In a Telegram post by the CBR on Nov. 7, the central bank shared a public consultation report titled "Digital Assets in Russian Federation." It considers how the sanction-hit state may possibly open up its domestic market to foreign issuers of digital assets — particularly those from “friendly countries.” Other areas of focus in the report are digital asset regulation, retail investor protections, digital property rights related to smart contracts and …

Russian President Vladimir Putin reportedly granted citizenship to United States National Security Agency whistleblower Edward Snowden, who had been residing in the country since 2013. According to a Monday report from Reuters, Putin signed a decree effectively changing Snowden’s legal status in Russia from a permanent resident to citizen. The NSA whistleblower has been in exile from the U.S. following him leaking thousands of classified documents to journalists, but continued to speak on issues including national security in addition to cryptocurrencies and blockchain technology. While Putin has taken legislative action in Russia seeming to curtail the use of crypto — …

The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years. According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024. That would be an important year for Russia as the country is expected to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to get re-elected. By that time, the central bank expects to complete “real money” customer-to-customer transaction …

Mirror Protocol, a decentralized finance (DeFi) protocol built on the Terra blockchain, was hit by one of the biggest collapses in financial history this week after Vladimir Putin ordered military strikes against Ukraine. Terra tokens rally Mirror Protocol's native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR's record low. Just like the drop, MIR's upside retracement came in the wake of similar recoveries …

As cryptocurrency mining activity grows increasingly common in Russia, one local region is struggling to maintain power stability amid massive inflows of new crypto mining operations. Russia’s Irkutsk Oblast, a federal region and Russia’s major center of trade routes from China, experienced a fourfold increase in energy consumption in 2021 due to mining activities, local news agency TASS reported on Wednesday. Yevgeny Vechkanov, head of technology and development at the local energy firm Irkutsk Electric Networks, linked the rapid growth of crypto mining operations to the major crypto rally in 2021 as well as China’s cryptocurrency ban enforced in September. …

Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to government estimates. A Bloomberg report noted that Russians own about 12% of the total global crypto holdings. The crypto holdings estimates were calculated by analyzing IP addresses of some of the most significant crypto exchange users in the country along with a few other data points, said two people working with Kremlin. The crypto holdings analysis of Russian citizens is being carried out to get an overview of the crypto market and formulate new regulations. The proposals are yet to be finalized. The estimates are believed …

Russian president Vladmir Putin has given crypto enthusiasts a glimmer of hope for the future of digital assets in the country, which have been under threat from a recent push to ban cryptocurrencies and mining. The strongman leader opened a Jan 26 video conference with members of the Russian government by saying he would like to “start with an issue that is currently in the spotlight — the regulation of cryptocurrencies.” “Of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.” According …

On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism regarding the state of the criticism sector at the "Russian Calling" investment forum in Moscow. According to local news outlet lenta.ru, the president made the following remarks, as translated by Cointelegraph: "It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks." Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. …

Former police chief Yuri Zaitsev was recently sentenced to eight years in prison for acting as a bounty hunter for a dark web marketplace. In December 2018, Zaitsev was working as the leader of his unit within the Main Directorate for Drugs Control of the Republic of Khakassia — a law enforcement division analogous to the United States Drug Enforcement Administration, or DEA. At that time, he initiated contact with the operator of a darknet marketplace, offering to help hunt down a man who had appropriated drugs that were entrusted to him for placement in dead drops. In Russia, unlike …

Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives. Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday. Sberbank’s stablecoin would be compliant with the recently passed crypto law According to the report, the potential stablecoin could be used for settlements involving other digital financial assets. Popov reportedly noted that Sberbank would be able to issue the …

A new version of Russia’s major draft bill on cryptocurrency regulation does not include criminal offense codes as lawmakers are expected to hold the bill's second reading tomorrow. According to official records of the State Duma, Russia’s legislative body, the Duma’s Committee on Financial Market has proposed the second reading of the bill “On Digital Financial Assets,” or DFA, on Tuesday. In the Russian legislative system, each bill is subject to three readings as it passes the development from draft to adoption. While the second reading is designed to sum up amendments and proposals to the draft bill, the third …